MDRT Global Conference has revised the business targets for insurance agents for the coming year, considering the expected annual performance and returns. The conference fee for this year remains the same as last year, but next year it will increase by 18 percent.
About a month from now, agents who meet their FPI business targets will earn Rs 52,96,700. For the next year, they will need to grow their business by 18% to meet the new targets.
Due to the global pandemic, coronavirus, and the economic slowdown, MDRT Global had previously set relaxed targets. However, with signs of global recovery, the conference has decided to raise targets starting next year. Agents had been warned that lower surrender rates and post-pandemic recovery would lead to higher targets, and official letters were also sent regarding this change.
According to MDRT Global, insurance agents will now need to collect Rs 62,06,100 in first premium collections to achieve their MDRT goals in 2027.
Official conference details show that agents aiming for the COT (Court of the Table) will need to reach Rs 1,86,18,300 in business targets. Those aiming for TOT (Top of the Table) will need to achieve Rs 3,72,36,600.
Earlier, before the Insurance Authority enforced stricter rules, very few agents from LIC Nepal, Nepal Life, and Union Life attended the program, as the focus was mostly on first premium collections and money-back policies. LIC Nepal and Nepal Life had notable participation. However, with tighter regulations, conference participation has gradually decreased.
Previously, agents could buy as many first premium policies as needed to meet targets and then surrender them immediately. The new rule prevents surrender for three years. This has stopped agents from using the practice of buying policies just to meet MDRT targets, encouraging genuine first premium collection instead.
